Without going deep in a pocket for the development cost, I need a one shop solution for the following business record management and someone who can set it up.
Business Type: Plaintiff Financing--- in exchange for the security interest on the proceeds from the injury case settlement, the injured plaintiff request a lender to provide an advance loan that should be eventually repaid with an interest from the settlement of the injury lawsuit. The interest on the loans to the customer is a deferred interest, and due on the repayment and fluctuates depending on the actual duration of the loan at repayment.
Company: Eventually three partners, two of which (45%/45% shareholders) are passive partners that are funding both the advances that are made plus the operating cost of the company. Third partner is a minority shareholder acting as a head of operations/ new business developer. For his new business development services the third partner (10% shareholder) is entitled to earn the commissions that equal to 10% of any advance that was made via his channels, 5% at origination and 5% when loan is repaid. At the beginning the business is not expected to generate many advances and two passive partners agreed to advance a certain salary to the third partner that will draw against his commission earnings.
Passive partners will charge the entity 15% annual interest on all the money that they invest into the company whether these are loans made or operating expenses (including third partner’s salary). Company intends to originate 2 to 5 loans daily funded by the passive partners. Interest to the passive partners must accrue on per-diem basis from the date of finding of each advance. On daily basis the balance sheet must be pulled and it must show the components of the loan portfolio where passive partners’ money is utilized. Sheet must include the loan number, the loan amount, the funding date, the interest accrued as of that date, the commission that might be due at repayment. Also, loans are being repaid chaotically without a specific due date, and the proceeds received for any specific loan must first be applied against the outstanding accrued but unpaid interest on the entire portfolio and whenever the repayment schedule catches up with all of the outstanding unpaid interest it must start getting applied against the loan that had the earliest funding date. Despite certain loans being factually paid-off sooner, on the overall portfolio records it may be satisfied later; however the salesman’s exit commission must be paid on a factual satisfaction date.
If the proceeds from the satisfaction of loans catch up as quickly as reaching the loans that are technically unpaid but the loan is the oldest on the books, then the proceeds must be applied against the principal of that technically open balance loan, and from being a liability owed to investors it must be converted into company’s asset. Upon eventual repayment of this loan that became company’s asset the proceeds may be split by shareholders.
The loan origination includes a review of certain loan documents, and the solutions must provide an ability to scan such docs and electronically store them within a specific loan’s profile. Electronic loan profile must include an ability to add further notes. Obviously the solution must be a cloud based. Data entry by the staff, and modification by the admins.
Practically it needs to be a hybrid of an accounting, loan servicing, investor relations servicing and record management platforms. I’m guessing the Salesforce may have something like this, but I need an expert to quote me for either modifying existing solutions to suit or possibly creating something that would work for my needs.
Hope I explained the objective clearly, if not please ask the questions. Project will require an ongoing support upon setup, please include it in your quote.